Aside from its non-financial effects, divorce can cause problems with your credit record. The end of a marriage does not erase the debts you and your former spouse took on as a couple. Even if your former spouse is ordered by the court to pay debts from the marriage, you can become liable if they are not paid. Here are a few suggestions to protect your financial standing:
Decide how to divide or dispose of property. If necessary, you can use a mediator to work through this with your former spouse.
Close or separate joint accounts. Decide with your former spouse who will be responsible for paying bills, and notify your creditors of your divorce.
Establish independent credit, if you do not already have it.
Make sure bills are paid.
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Aside from its non-financial effects, divorce can cause problems with your credit record. The end of a marriage does not erase the debts you and your former spouse took on as a couple. Even if your former spouse is ordered by the court to pay debts from the marriage, you can become liable if they are not paid. Here are a few suggestions to protect your financial standing:
Decide how to divide or dispose of property. If necessary, you can use a mediator to work through this with your former spouse. Close or separate joint accounts. Decide with your former spouse who will be responsible for paying bills, and notify your creditors of your divorce. Establish independent credit, if you do not already have it. Make sure bills are paid.